What is the role of industry-specific guidance in the Accounting Standards Codification (ASC)? Industry-specific guidance addresses accounting issues that are unique to particular industries and it should be applied in place of the general accounting standards in the ASC unless otherwise stated. Industry-specific guidance addresses accounting issues that are common to all industries and it should be applied in place of the general accounting standards in the ASC unless otherwise stated. Industry-specific guidance addresses accounting issues that are common to all industries and it should be applied in addition to the general accounting standards in the ASC unless otherwise stated. Industry-specific guidance addresses accounting issues that are unique to particular industries and it should be applied in addition to the general accounting standards in the ASC unless otherwise stated